Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Edwards Lifesciences Corp., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income	1,503,100)	823,400)	1,046,900)	722,200)	583,600)
Add: Income tax expense	198,900)	93,300)	119,600)	39,200)	451,300)
Earnings before tax (EBT)	1,702,000)	916,700)	1,166,500)	761,400)	1,034,900)
Add: Interest expense	18,400)	15,800)	20,700)	29,900)	23,200)
Earnings before interest and tax (EBIT)	1,720,400)	932,500)	1,187,200)	791,300)	1,058,100)
Add: Depreciation and amortization	134,800)	107,200)	89,300)	77,400)	81,900)
Earnings before interest, tax, depreciation and amortization (EBITDA)	1,855,200)	1,039,700)	1,276,500)	868,700)	1,140,000)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Edwards Lifesciences Corp. EBITDA decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Edwards Lifesciences Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	66,267,039)
Earnings before interest, tax, depreciation and amortization (EBITDA)	1,855,200)
Valuation Ratio
EV/EBITDA	35.72
Benchmarks
EV/EBITDA, Competitors¹
Abbott Laboratories	18.15
Cigna Group	12.40
CVS Health Corp.	7.51
Danaher Corp.	25.30
Elevance Health Inc.	10.23
Humana Inc.	6.29
Intuitive Surgical Inc.	53.22
Medtronic PLC	13.98
UnitedHealth Group Inc.	13.11
EV/EBITDA, Sector
Health Care Equipment & Services	14.76
EV/EBITDA, Industry
Health Care	15.01

Based on: 10-K (reporting date: 2021-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Edwards Lifesciences Corp., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	66,267,037)	53,931,479)	47,290,710)	36,573,998)	27,806,373)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	1,855,200)	1,039,700)	1,276,500)	868,700)	1,140,000)
Valuation Ratio
EV/EBITDA³	35.72	51.87	37.05	42.10	24.39
Benchmarks
EV/EBITDA, Competitors⁴
Abbott Laboratories	17.42	25.99	21.70	—	—
Cigna Group	9.06	6.31	8.42	—	—
CVS Health Corp.	10.41	8.56	9.43	—	—
Danaher Corp.	21.05	26.68	25.23	—	—
Elevance Health Inc.	10.05	7.57	9.05	—	—
Humana Inc.	11.22	6.91	9.30	—	—
Intuitive Surgical Inc.	44.54	59.12	37.53	—	—
Medtronic PLC	24.41	17.92	16.01	13.94	—
UnitedHealth Group Inc.	17.39	13.39	13.82	—	—
EV/EBITDA, Sector
Health Care Equipment & Services	15.77	13.69	13.61	—	—
EV/EBITDA, Industry
Health Care	13.77	16.27	14.09	—	—

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ See details »

² See details »

³ 2021 Calculation
EV/EBITDA = EV ÷ EBITDA
= 66,267,037 ÷ 1,855,200 = 35.72

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Edwards Lifesciences Corp. EV/EBITDA ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Edwards Lifesciences Corp. (NYSE:EW)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical